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THE COMMERCIAL DIVISION OF SOVRAN MORTGAGE CORPORATION TO BE SOLD FOLLOWING NCNB - C&S/SOVRAN MERGER INTO NATIONSBANK

 THE COMMERCIAL DIVISION OF SOVRAN MORTGAGE CORPORATION
 TO BE SOLD FOLLOWING NCNB - C&S/SOVRAN MERGER INTO NATIONSBANK
 RICHMOND, Va., Dec. 18 /PRNewswire/ -- The Commercial Division of Sovran Mortgage Corporation will be sold following the merger of NCNB Corporation (NYSE: NCB) and C&S/Sovran Corporation (NYSE: CVN) scheduled for completion on December 31, 1991. The merged company will be called NationsBank Corporation.
 In announcing the intention to sell the division, G. Patrick (Pat) Phillips, president of NationsBank Financial Products, said, "In planning the product mix for NationsBank, we determined that commercial mortgage banking is not a line of business we will pursue. Therefore, we made the decision to offer the Commercial Division of Sovran Mortgage Corporation for sale."
 Phillips said the division and all of its assets will be offered for sale as a going concern, thereby preserving as many employee jobs as possible. He said the decision to sell the Commercial Division should in no way be interpreted as a reflection on its performance or on the performance of the unit's employees. "We believe that the employees of the Commercial Division will be better off affiliated with an organization that focuses on commercial mortgage banking," Phillips continued..
 Sovran Mortgage's Commercial Division has 38 employees, 23 of whom are located in the division's home office in Richmond. The remaining offices are in Vienna, Va., Virginia Beach, Va., Greenbelt, Md. and Berwyn Pa., staffed with from two to six employees.
 The Commercial Division specializes in the structuring and placement of financing on all types of commercial real estate. This includes apartments, shopping centers, industrial properties, nursing homes, health care and hotel/motel facilities. Loans are typically placed with institutional investors in the secondary market, primarily life insurance companies and pension funds.
 J. Travis Hain, Vice President/Mergers and Acquisitions for NCNB Investment Banking Co. in Charlotte, will be responsible for coordinating the sale.
 -0- 12/18/91
 /CONTACT: Ellison Clary, NCNB Corporation, 704-386-8633/
 (NCB CVN) CO: NCNB Corporation; C&S/Sovran Corporation; Sovran Mortgage
 Corporation; NationsBank; NationsBank Corporation ST: North Carolina, Georgia, Virginia IN: FIN SU: TNM


DF -- CH011 -- 3476 12/18/91 14:14 EST
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Date:Dec 18, 1991
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